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6.1 B - Attachment No. 2 <br /> Redevelopment Agency of the City of Redwood City <br /> Notes to Basic Financial Statements, Continued <br /> For the year ended June 30,2009 <br /> 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES,Continued <br /> G. Fund Balances <br /> In the governmental fund financial statements,governmental funds report reservations of fund balances <br /> for amounts that are not available for appropriation or are legally restricted by outside parties for use <br /> for a specific purpose. Designations of fund balances represent tentative management plans that are <br /> subject to change. <br /> H. Net Assets <br /> In the government-wide financial statements,net assets are classified in the following categories: <br /> Invested in C�ital Assets, Net of Related Debt - This amount consists of capital assets net of <br /> accumulated depreciation and reduced by outstanding debt that attributed to the acquisition, <br /> construction,or improvement of the assets. <br /> Restricted Net Assets -This amount is restricted by external creditors, grantors, contributors, or laws <br /> or regulations of other governments. <br /> Unrestricted Net Assets -This amount is all net assets that do not meet the definition of"invested in <br /> capital assets,net of related debt" or"restricted net assets." <br /> I. Use of Estimates <br /> The preparation of financial statements in conformity with generally accepted accounting principles <br /> requires management to make estimates and assumptions that affect certain reported amounts and <br /> disclosures. Accordingly,actual results could differ from those estimates. <br /> J. Property Taxes <br /> San Mateo County assesses properties and bills,collects,and distributes property taxes as follows: <br /> Secured Unsecured <br /> Lien/levy dates January 1 January 1 <br /> Due date 50%on November 1 and February 1 J�y 1 <br /> Delinquent as of December 10&Apri110 August 1 <br /> The term "unsecured" refers to taxes on personal property other than real estate, land and buildings. <br /> These taxes are secured by liens on the property being taxed. Property tax revenues are recognized by <br /> the Agency in the fiscal year they are assessed provided they become available as defined above. Under <br /> the County's Teeter plan, the County remits 100% of the taxes levied to the Agency within sixty days of <br /> the due date. <br /> 26 <br />